The list, WalletHub said, evaluated the 150 largest cities across the U.S. on 13 metrics related to entrepreneurship, like financing accessibility, five-year business survival rate, and the education level of the local workforce.

The ranking comes after Newark Mayor Ras Baraka has made a push to attract businesses to the city, saying that it is on the cusp of experiencing a renaissance. He has also called for the city to embrace a "Newark 3.0" concept, which involves enhancing technology in the city, and attracting tech-based businesses.

Last week, the mayor described "Newark as a center for business, a source of capable and committed entrepreneurs and employees, a hub for transportation and home to a united administration and people."